- 19 Mar, 2021
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Interpret Trends and Market Developments for a Business and Analyse Qualitative Data
Task 1: Interpret Trends and Market Developments for a Business and Analyse Qualitative Data
Performance objective
Analyse the attached case study, any need for additional information can be found in the attached slides.
The candidate must demonstrate ability, knowledge and skills to interpret trends and market developments and Analyse qualitative data.
Task 1 – Description
Write a report on BBQ fun organisation in student workbook Appendix 2, for which you can access sufficient marketing data , marketing plan, trends and market developments, potential impacts on the business, review comparative business performance and identify any potential opportunities and threats.
The report should address: trends and market developments, potential impacts on the
Business, review comparative business performance and identify any potential opportunities
and threats.
The report should also analyse qualitative results incorporating all areas of business to determine the success of the marketing activities, Identify over and underperforming products and services to be considered for redevelopment or withdrawal, Use forecasting techniques to identify and emerging market needs.
Procedure
1. Select an organisation for which you can access sufficient marketing data. The organisation may be one with which you are familiar, for example, your own workplace or BBQ fun case study provided.
2. Select or gather (or prepare) appropriate data such as number of sales in the industry/region/business, size of the target segments, market potential etc. Refer to statistical analysis data in student workbook.
3. Use appropriate statistical analysis tools and analyses the data to interpret market trends and developments and their potential impact on the business.
4. Perform qualitative analysis of comparative market information as the basis for reviewing the organisation’s performance.
5. Analyze the market performance of existing and potential competitors, direct and indirect competition and their products or services, to identify potential opportunities or threats to the organisation.
6. Prepare, plot and interpret the data for visual presentation. Select and use tools that are appropriate, for example, Excel spreadsheet or similar. Add charts, graph, smart-art.
7. Review the marketing plan strategies and objectives and include in report.
a. SWOT
b. STP
c. USP
d. 4P
8. List the over-performing and under-performing products and services to be considered for redevelopment or withdrawal.
9. Utilize one of the forecasting techniques to analyse the market data to identify existing and emerging market needs.
10. Ensure that:
a. the report’s content, format and level of are in accordance with conventional standards for business report writing (cover page, table of content, headings, smart arts, readability)
b. the report is delivered by the set deadline (as defined in Moodle).
Specifications
You must provide:
● A written draft report in minimum 4-5 pages.
● Chapters based on points 1-14 in section Procedure
Your assessor will be looking for a draft report that:
● meets standard business reporting in terms of:
○ content
○ format
○ Level of detail.
● Uses appropriate statistical analysis of market data to interpret market trends and developments. It must include the use of one of the following concepts or procedures:
○ central tendency
○ dispersion
○ correlations between sets of data
○ z-test, t-test, chi-square significance tests
○ time series analysis.
● analyses market trends and developments for their potential impact on the business
● performs qualitative analyses of comparative market information as a basis for reviewing business performance
● analyses the market performance of existing and potential competitors and their products or services, to identify potential opportunities or threats
● contains visual presentation of the interpreted data
● identifies and analyses performance data of all areas of the business to determine the success of marketing activities
● identifies over-performing and under-performing products and services
● is delivered on time (as set by the facilitator)
● report is uploaded to Moodle
● presents data to determine products and services redevelopment or withdrawal
● utilises forecasting techniques to determine existing market needs and emerging market needs.
Your assessor will be looking for demonstration of:
● literacy skills to prepare reports containing complex ideas and concepts
● numeracy skills to use a range of statistical analysis techniques and elementary probability
● knowledge of:
○ economic, social, and industry directions and trends
○ software applications especially spreadsheets and statistical packages, and use of the internet
○ statistical methods and techniques
○ reporting formats.
Report must include:
1. Title Page
2. Letter/Memo of Transmittal
3. Table of Contents
4. Executive Summary (one page maximum)
5. Introduction
6. Results of the Study (with tables and charts)
7. Conclusion
8. Recommendations
9. Appendix